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posted by martyb on Monday June 16 2014, @11:55AM   Printer-friendly
from the mine!-mine!-mine! dept.

Fears and warnings about the consequences of a single entity obtaining majority network power have been known for some time, but have generally been dismissed as not conveying enough control to be worthwhile.

For the first time, and for several extended periods, the GHash mining pool delivered 51% of the bitcoin network hashing power, despite promises that they would never cross the 50% threshold.

Although GHash did not take advantage of its monopoly power during these times, it does seem that we have crossed a threshold. How do you trust the blockchain to an anonymous monopoly?

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  • (Score: 1) by poutine on Monday June 16 2014, @04:19PM

    by poutine (106) on Monday June 16 2014, @04:19PM (#55967)

    This is what happens when you copy slashdot articles. GHashIO did temporarily achieve 51%, this happened OVER a week and a half ago. GHashIO has had ~30% since then. Is this what I should come to expect from uninformed soylentnews article copy pasters?

  • (Score: 2, Informative) by Asshole on Monday June 16 2014, @07:05PM

    by Asshole (159) on Monday June 16 2014, @07:05PM (#56058)

    Exactly this. Everyone who follows crypto-currencies saw this and, if they are sane, abandoned BTC for a PoW coin with sanely distributed hashing power.
    If they are even more sane, then they will realise that what is happening to bitcoin is the fate for every permanently PoW based coin and jump to a PoS (proof of stake) coin. I personally jumped ship to pandacoin (PND) ( as it has the best development I have ever seen in a coin (some of whom are well like 4chan users) and it is an incredible value right now. It is aimed at fighting scam coins and the whole pump n' dump culture endemic to the altcoin world.
    It is a coin with a conscience and competent dev. team, a rare combination indeed. Thank you for your time.

    - Nota Shill

  • (Score: 0) by Anonymous Coward on Tuesday June 17 2014, @01:53AM

    by Anonymous Coward on Tuesday June 17 2014, @01:53AM (#56178)
  • (Score: 0) by Anonymous Coward on Tuesday June 17 2014, @09:15AM

    by Anonymous Coward on Tuesday June 17 2014, @09:15AM (#56279)

    Repeat after me: THIS IS NOW A NEWS SITE...

    Is it really so hard to grasp?

  • (Score: 2) by lubricus on Tuesday June 24 2014, @10:21AM

    by lubricus (232) on Tuesday June 24 2014, @10:21AM (#59316)

    FYI: I submitted this story, and I also don't like slashdot copy-pasters.

    I did *NOT* copy this from slashdot, I first encountered the story on ArsTechnica. The problem is the pace of publishing at soylent. Because the editorial staff is not that big, and wants to put out stories at a certain rate, the stories sit in the cue for a a few days.

    It can be pretty frustrating. For example, I submitted the story about facebook buying whatsapp about 15 minutes after the press release came out. I actually checked the submission queue at slashdot before I did it, and it had not been submitted there, and was not submitted until about 8 hours after mine, and it still appeared on the front page at slashdot about a day before mine here. []

    So, if this bothers you, the next time there is a story about the site and it's directions, bring up the slow publication problem.

    Try it yourself, find a story worth publishing, and see how long it takes to appear.

    ... sorry about the typos
  • (Score: 2) by lubricus on Tuesday June 24 2014, @11:21AM

    by lubricus (232) on Tuesday June 24 2014, @11:21AM (#59333)

    Crazy, I was so cheesed responding that I had a typed stutter "a a", and forgot to close my href.

    Seriously: take some time, find a story you think people will find interesting, try to write it up in a succinct, yet informative style, submit it in a timely manner, and then watch as all the other sites publish it first, and then have an uninformed commenter trash your work.

    But, of course, you would know all this if you had contributed a story instead of being an entitled leech.

    ... sorry about the typos